Polar Investment Counsel, Inc.

Independent Securities & Futures Brokers


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About Polar Investment Counsel Inc (PICI)

Polar Investment Counsel, Inc. (hereinafter PICI) is a Minnesota based securities and commodities brokerage firm registered with and regulated by the Financial Industry Regulatory Authority (FINRA), the Securities and Exchange Commission (SEC), the National Futures Association (NFA), the Commodities Futures Trading Commission (CFTC), and the securities regulatory agencies of the various states.


PICI is a non-clearing brokerage firm, which clears all of its customers' securities transactions through Hilltop Securities, Inc. (HTS) - a Dallas based New York Stock Exchange (NYSE) and Financial Industry Regulatory Authority (FINRA) member firm.  In layman's terms, this means that our clearing firm (Hilltop Securities, Inc.) holds all of our customers' monies and securities positions.  Under no circumstances is a check for the purchase of securities ever to be made payable to PICI or to one of our financial professionals, but instead checks are made payable to Hilltop Securities, Inc. or to some other securities firm.  Please visit their web site at www.hilltopsecurities.com.


PICI is a member of the Securities Investors Protection Corporation (SIPC).  To learn more about how SIPC protects the public investor, please visit their web site at www.sipc.org.  In addition to SIPC coverage, Hilltop Securities, Inc. insures each customer (as defined by SIPC).  It should be noted that this insurance coverage protects against failure of the firm etc., NOT against market loss.


PICI is operated as an independent firm as opposed to a traditional firm or wire house.  Our typical financial professional is an individual who has worked for a large traditional firm at one time or another in their past, but comes to us (or one of our growing number of competitors) because of a desire to do one or more of the following:

  • Have their own business, paying only for the services required by the type of business maintained

  • Freedom to offer investment product which may not have been available at a prior firm

  • Freedom to price their services to their clientele as they see fit (discounting for example)

  • The ability to establish a retirement program (qualified plan) more suited to the needs of a particular individual financial professionals

  • Absence of "politics" usually associated with the larger more traditional firms

Actually, the list of reasons for someone joining a firm like PICI is almost endless. Several years ago, joining a firm like ours involved considerable hardship and much greater financial outlay for the average financial professionals.  But with today's technology (which seems to be improving weekly), one of our financial professionals is easily able to compete with a financial professionals working for a large traditional firm.


As a member of FINRA, PICI is charged with and responsible for the supervision of each and every one of its financial professionals regardless of their location. To accomplish this, we have in place operational compliance procedures like any other firm.  Some of these procedures and policies are more stringent than are enforced by other firms.  This is not done to hinder business, but rather to protect you, the public consumer, our financial professionals, and the reputation of the firm.  In the event that you are unhappy with any of the firm's policies, or in the performance of any individual associated with PICI, we would ask that you call us or e-mail us so that we may discuss the matter and rectify the situation.  Our door is always open, so to speak.


PICI Privacy Policy


As a regulated entity, charged with determining (among other things) the suitability of recommendations made to our clientele, compliance with numerous securities industry and Internal Revenue regulations, the firm can and does collect "personal and sensitive information" concerning our clientele and others with whom we do business. 


The firm only shares this information with others "who have a legitimate need to know" for a legitimate business purpose. Generally, our business affiliates, regulatory authorities, and on occasion our auditors, or by court order, or to a legitimate law enforcement inquiry.


In other than unusual circumstances our sharing of your personal or financial information is limited to:

  • Financial service institutions, such as mutual fund companies, securities financial professionalss, banks or other financial institutions with whom we have marketing agreements.

  • Companies under contract to perform services for our firm, such as data processing.

Should you wish us to supply your personal or financial information to any third party for any reason such as (but not limited to) tax preparation, we shall require a proper written release concerning such a matter. 


Secure E-Mail Communications

At this time, we do not offer secured e-mail and we recommend that all e-mail, which you submit directly to the firm, or to one of our representatives not contain any confidential or sensitive information. Your submission of any e-mail to Polar Investment Counsel, Inc. or any of our representatives represents your consent for two way communication via e-mail.


Customer Identification

On October 26th of 2001, House Rule #3152 otherwise known as the "Patriot Act", was signed into law. 


Among other things, this legislation places on all financial institutions the burden and responsibility of positively identifying all of their customers, and the monitoring of certain types of transactions.  Consequently, new regulations became effective April 24th 2002, for most brokerage and other financial institutions which mandate certain procedures.  Therefore the firm now requires that each new account submit an acceptable (and current) copy of a government issued photo identification such as a drivers license or passport upon the opening of any new account or the re-documentation of any existing account which does not already have identification documentation on file.  Additionally, our clientele should be aware that in this post 9-11 environment and in accordance with the provisions of this act, greater scrutiny may be given to money and security transfers of all sorts.


Correcting or Updating Your Information

If you have concerns about the personal or financial information maintained by Polar Investment Counsel, Inc. or if you wish to update that information (perhaps because of a change in your circumstances) please call your financial professional or Polar Investment Counsel, Inc.  (218-681-7344).


Annual notification of this policy will be made via statement that the policy is available via the internet or upon request, in hard copy.





The firm generally requires that all account financial obligations be met by Federal funds wire transfer into your account.  Additionally, the firm suggests that customers who maintain excess funds in accounts which they may wish to access request check account privileges, as clearing firm checks issued and mailed may require up to 10 days for delivery. ACH transfer is the most efficient and cost effective way to transfer money from your brokerage account to your personal account.  Contact your financial professional for more information.



We are always interested in your input or concerns.  Should you have a suggestion, concern or complaint, please call Mike Jordan at (218) 681-7344.



To ensure accuracy, Polar Investment Counsel, Inc. may at any time record any conversation by electronic device or other means without audible tone or other notification.




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